LONDON--Faroe Petroleum PLC (FPM.LN), an independent oil and gas
company focusing principally on exploration, appraisal and
production opportunities in the Atlantic margin, the North Sea and
Norway, said Thursday it has acquired a 12.5% interest in the
Darwin prospect in PL531 in the Norwegian Barents Sea.
MAIN FACTS:
-Faroe has agreed to carry Talisman Energy Norge AS' retained
12.5% share of base well cost obligations in respect of the well,
in return for a 12.5% share in the license.
-Faroe's costs in respect of this farm-in will be satisfied from
existing cash resources.
-Darwin prospect is a high impact wildcat exploration well
located on the Veslemoy High in the frontier western part of the
Barents Sea.
-Multiple targets have been identified on 3D seismic.
-First exploration well, expected to spud earliest end December,
will test the main Darwin prospect and will contribute towards
further de-risking of the large upside potential in the remainder
of the license area.
-Drilling operations will be operated by Repsol Exploration
Norge AS (20%) using the Aker Barents semi-submersible drilling
rig; other joint venture partners are Talisman Energy Norge AS
(25%, retained 12.5%), Marathon Oil Norge AS (10%), RWE Dea Norge
AS (25%) and Concedo ASA (20%).
-Faroe shares at 0755 GMT up 5 pence, or 3.04%, at 161 pence
valuing the company at 332.38 million pounds.
-Write to Ian Walker at ian.walker@dowjones.com
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